CHART OF THE DAY: We're Not The First Empire To Have A Serious Currency Problemhttp://www.businessinsider.com/chart-of-the-day-roman-denarius-2010-6/comments
en-usWed, 31 Dec 1969 19:00:00 -0500Fri, 09 Dec 2016 10:35:44 -0500Gregory White and Kamelia Angelovahttp://www.businessinsider.com/c/4c7449a17f8b9a1768550800benbuyumTue, 24 Aug 2010 18:37:20 -0400http://www.businessinsider.com/c/4c7449a17f8b9a1768550800
Played some part? It was THE canary in the coal mine. Just as the collapse of the dollar's value over the last century has been. You don't lose 97% of the value of your currency without it destroying your civilization. Inflation hammers the poor first, which is why the Romans created the games and countless other events to appease them temporarily. If you want to destroy a culture, destroy its currency; a destabilized currency makes all long range business planning radically more difficult.
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Economic decline is the price of maintaining an Empire. All imperial systems consume more than they produce, so they need to sieze more land, people and resources to keep the game going. This is not a sustainable model, and it never was.http://www.businessinsider.com/c/4c2655bf7f8b9a4c62870700romansSat, 26 Jun 2010 15:32:15 -0400http://www.businessinsider.com/c/4c2655bf7f8b9a4c62870700
were going down just like the roman empire , only were going at warp speed., thanks to the rothschilds owned federal reserve, and a whore house called congress, and endless wars for profit for the elites.http://www.businessinsider.com/c/4c25f84d7f8b9abf7a470400PhreemanSat, 26 Jun 2010 08:53:32 -0400http://www.businessinsider.com/c/4c25f84d7f8b9abf7a470400
Great chart - thank you! It really makes one think.http://www.businessinsider.com/c/4c25f8347f8b9aa7566d0400bobzillah killahSat, 26 Jun 2010 08:53:08 -0400http://www.businessinsider.com/c/4c25f8347f8b9aa7566d0400
Every one of these empires thought they would never end, and, as history progresses, they last shorter and shorter lengths of time, perhaps because things just move so much faster, in terms of technology, transportation, information, and the burning out of their advantages or niches. Apparently, prolonged success makes people stupidm, greedy and lazy, which paves the way for another group which is hungrier and more aggressive, to take over.
"He who does not read history shall forever remain a child." Cicero
It doesn't look like we're any different, an oligarchy at the top manipulating politicians to steal everything they can, while the bottom end expects a free lunch and the working and middle classes getting smaller and smaller and carrying the load. Pride, work and idealism gives way to materialism, and the organism of the empire gets sick and is replaced by another more vigorous model. The currency is debased to keep the party going, and the result is inevitable.http://www.businessinsider.com/c/4c25f5d07f8b9a7e57180100bobzillah killahSat, 26 Jun 2010 08:42:56 -0400http://www.businessinsider.com/c/4c25f5d07f8b9a7e57180100
Meanwhile, the oligarchy of the time was stealing all the land that the retiring soldiers, who had spent most of their adult lives fighting at the frontiers, were supposed to get.http://www.businessinsider.com/c/4c25f54a7f8b9a7d57b30000bobzillah killahSat, 26 Jun 2010 08:40:42 -0400http://www.businessinsider.com/c/4c25f54a7f8b9a7d57b30000
"Deficits don't matter." Dick Cheneyhttp://www.businessinsider.com/c/4c259c647f8b9a1b49690200John SmithSat, 26 Jun 2010 02:21:23 -0400http://www.businessinsider.com/c/4c259c647f8b9a1b49690200
<i>Inflation hammers the poor first</i>
You quoted the core US propaganda. Of course, everybody understands that the truth is the opposite.
The rich lend their money to the poor as mortgages. Inflation prevents the rich to get their money back.http://www.businessinsider.com/c/4c257a3f7f8b9ac268130500mayuli8888Fri, 25 Jun 2010 23:55:43 -0400http://www.businessinsider.com/c/4c257a3f7f8b9ac268130500
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Which department from Tulane did you acquire the data?http://www.businessinsider.com/c/4c254c6b7f8b9a0c63c40200SavonarolaFri, 25 Jun 2010 20:40:11 -0400http://www.businessinsider.com/c/4c254c6b7f8b9a0c63c40200
Didn't certain primative societies use things such as sea shells for money?
How did they control the money supply?
I wonder if they had a Fed?http://www.businessinsider.com/c/4c254b237f8b9ad862730200ryanFri, 25 Jun 2010 20:34:43 -0400http://www.businessinsider.com/c/4c254b237f8b9ad862730200
but it's ok, Obama will save us with the Hope/Change.http://www.businessinsider.com/c/4c254a6e7f8b9a5f639a0000ryanFri, 25 Jun 2010 20:31:42 -0400http://www.businessinsider.com/c/4c254a6e7f8b9a5f639a0000
History doesn't repeat, but it certainly rhymes.http://www.businessinsider.com/c/4c2545747f8b9adb41260100EricFri, 25 Jun 2010 20:10:28 -0400http://www.businessinsider.com/c/4c2545747f8b9adb41260100
Our government has political prisoners and murders people also.
Dupont Smith is in jail because he spoke up under charges that don't even make sense.
Kennidy wanted Castro murdered and did attempt several times.
Vince Foster did not commit suicide - Why would he? Why would a man with a prestigeous jod walk out of the White House and go to a park and kill himself?
Jimmy Hoffa who Nixon thought was the cause of his ineffectiveness as president did not just run away and disappear. Nixon had him killed and everything about Hoffa covered up. The FBI's Big Investigation did not even include Hoffa's last public engagement on Bloomfield Ave. Certainly if they were seriously investigating his disappearance they would check out where he was last known to be and was last seen. Additionally why was it concluded that he was dead if he was only missing? Somebody knew he was dead!http://www.businessinsider.com/c/4c253d027f8b9a613c200100vivat imperiumFri, 25 Jun 2010 19:34:26 -0400http://www.businessinsider.com/c/4c253d027f8b9a613c200100
That is entirely false, since the period of the Barracks Emperors, 238-284, was the period in which the army and its upkeep ruined the government. The soldiers were paid in gold, not inflation money, and kept the empire in turmoil by compelling nearly fifty different generals in less than fifty years to compete for the throne and kill each other, since there weren't enough wars for them to earn real pay, and every new emperor had to pay them an accession donation in gold.
Outside the capital city, Rome, there was no welfare, and even there, to make it a Potemkin village still looking good amid the ruin of business and building programs, the welfare consisted of some free grain.
And games, which have low vitamin content but certainly take your mind off the news.
All over the empire outside Rome, meanwhile, the nobility were turning their estates into fortresses and their tenant farmers into serfs, so for those on the board who like and admire the international rich and feel the chairman of BP should have his life back, that's a good model. There are families still in what's left of the Almanach de Gotha, who claim to go back to the fine upper class families in 3rd century ad Rome who turned their estates into fortresses and made everybody ELSE pay the taxes but them. Thus making the emperor's job all but impossible even when some kind of orderly succession of them resumed. Except of course for a long, long time in the East.
But that's what people who actually know the field know, not people who make up stuff for "truthiness" of a kind for their own foggy heads to enjoy.
There is another comment below by somebody who reads books instead of making stuff up.http://www.businessinsider.com/c/4c2532217f8b9a5f3ae80100duhFri, 25 Jun 2010 18:48:01 -0400http://www.businessinsider.com/c/4c2532217f8b9a5f3ae80100
I can only imagine the little crazy leftist world you live in.
No, actually I can't.
BTW, Che, Mao, Stalin were all murderers
Talk about revisionist history, its progressives bread and butter.http://www.businessinsider.com/c/4c252b577f8b9a2532550100Joe stafuraFri, 25 Jun 2010 18:19:02 -0400http://www.businessinsider.com/c/4c252b577f8b9a2532550100
This is the most bs laden attempt to claim revise economic history I've ever seen, to tie the values of a society to their currency is an ancient concept that only a tea party groupie could claim as an essential point.
Economic systems are manmade self referential systems that has values assigned to things by many things, there is no zero sum in play, you greatly under estimate the ability to create wealth out of thin air.
Conservatives would love to believe that these are end times, they will see that they were only partly right, some groups influence will end, but others will rise and realize that the limited ideology of the right will go the way of the Whigs.http://www.businessinsider.com/c/4c251ab97f8b9a3c280f0100Famous QuotesFri, 25 Jun 2010 17:08:08 -0400http://www.businessinsider.com/c/4c251ab97f8b9a3c280f0100
"Time is a violent torrent; no sooner is a thing brought to sight than it is swept by and another takes its place."
Marcus Aurelius 121 - 180 ADhttp://www.businessinsider.com/c/4c2519817f8b9a7f367d0300Mario SanchezFri, 25 Jun 2010 17:02:57 -0400http://www.businessinsider.com/c/4c2519817f8b9a7f367d0300
Greg and Kam write "The U.S. government's current debt problem is perceived to be a once in a life time event by some..." and then use the Roman Empire as an example? Um, a little more than a lifetime away, dontcha think?
I would refer them to the British Empire instead. At the dawn of the 20th Century, Britain directly or indirectly governed over 25% of the earth's land mass and 25% of the global population; was the engine of global economic growth via the industrial revolution; London was the center of global trade & finance; the Sterling was the currency of international trade & finance; England was a net lender and a net exporter. Within 40 years, two massively destructive and expensive wars had transformed it to a net borrower and net importer, so desparate that it borroed from the US to finance its imports from the US. By the 1970's, the Sterling's slow, grinding devaluation was nearly complete, and it is now down over 95% against the dollar, and almost 99% against its turn of the century purchasing power.http://www.businessinsider.com/c/4c2514df7f8b9a8e22e10000KeriFri, 25 Jun 2010 16:43:11 -0400http://www.businessinsider.com/c/4c2514df7f8b9a8e22e10000
Not only their 'primitive' welfare state Jonathan
The Roman elite were quite fond of buying silk garments, spices, peacocks from India, which accepted ONLY gold,silver and some wine. They had nothing else the Indians wanted.
The silk garments were manufactured in India from raw silk imported from China
"India, China and the Arabian peninsula take one hundred million sesterces from our empire per annum at a conservative estimate: that is what our luxuries and women cost us (Pliny the Elder)http://www.businessinsider.com/c/4c2514277f8b9af735b60000JP morganFri, 25 Jun 2010 16:40:07 -0400http://www.businessinsider.com/c/4c2514277f8b9af735b60000
Your absolutely right , only its the rich that have been on welfare. That's how it crumbles the parasitic wealthy business types corrupt politics and take from the poor to enrich themselves. The only questions are where the U.S. is on the time line; will it lead to the neo-dark ages? Mark Twain was right "...history doesn't repeat it rhymes though". Good luck with the system that brought us the likes of ayn rand and greenspan.http://www.businessinsider.com/c/4c2512937f8b9ac35a590000SidneyFri, 25 Jun 2010 16:33:23 -0400http://www.businessinsider.com/c/4c2512937f8b9ac35a590000
Would have been nice to toss in a few notes about "the end" aka Diocletian last ditch attempts to save the empire...price controls, new taxes, new currency attempts etc.. ending with the first voluntary retirement laying the framework for they next 1000 years of Byzantine Empire.
http://en.wikipedia.org/wiki/Diocletianhttp://www.businessinsider.com/c/4c25121c7f8b9a63352f0200RobtFri, 25 Jun 2010 16:31:24 -0400http://www.businessinsider.com/c/4c25121c7f8b9a63352f0200
"Except we're not on a single currency system anymore."
Huh? How many currencies does the US issue?http://www.businessinsider.com/c/4c250cc37f8b9a881b0b0300/Fri, 25 Jun 2010 16:08:34 -0400http://www.businessinsider.com/c/4c250cc37f8b9a881b0b0300
Except we're not on a single currency system anymore. So, the "monetization" of debt is moot, as it doesn't happen anymore. Keep your gold standard thinking to the gold standard.http://www.businessinsider.com/c/4c250c577f8b9a2734210300ConcernedFri, 25 Jun 2010 16:06:47 -0400http://www.businessinsider.com/c/4c250c577f8b9a2734210300
Americans will soon be the fittest people in the world.
Everyone will be walking, unable to pay the price of imported gas. Each with the right to bear arms.
The problem with socialists is they are very good at spending other people's money. Then there comes a tipping point. The currency dives. Its the people who then pay. Big time.http://www.businessinsider.com/c/4c25067e7f8b9a2833af0300JonathanFri, 25 Jun 2010 15:41:50 -0400http://www.businessinsider.com/c/4c25067e7f8b9a2833af0300
Played some part? It was THE canary in the coal mine. Just as the collapse of the dollar's value over the last century has been. You don't lose 97% of the value of your currency without it destroying your civilization. Inflation hammers the poor first, which is why the Romans created the games and countless other events to appease them temporarily. If you want to destroy a culture, destroy its currency; a destabilized currency makes all long range business planning radically more difficult.
The Romans diluted their currency in order to fund the lavish welfare state, a primitive form of socialism; and to fund their empire's adventures and expansion of territory. If you're going to cook something alive, it's best to turn the heat up slowly or it'll freak out. Turn up the heat slowly and it gradually passes out. Such is the state of the American people today.
The only long term way to fund socialism is through the monetization of debt via currency destruction. The Romans understood this 2,000 years ago, and the politicians destroying the US understand it now.http://www.businessinsider.com/c/4c2505737f8b9a81330f0000ViatorFri, 25 Jun 2010 15:37:23 -0400http://www.businessinsider.com/c/4c2505737f8b9a81330f0000
Yes, and look what happened to them.http://www.businessinsider.com/c/4c2504927f8b9aa732100500Matt BeauchampFri, 25 Jun 2010 15:33:38 -0400http://www.businessinsider.com/c/4c2504927f8b9aa732100500
No doubt they had a retard even back then - possibly a Paulus Krugmanis - yammering about how debt and deficits don't matter.
How did that all work out for you?